but I think those who hold for a long period of more than 5 years do not have dependents or are already very rich and do not need their money in the near future.
but most of them will buy and sell when they make a profit because they may need the money, or their goal is only to make a profit and is not tied to a long time.
Or maybe just maybe they are just prudent investors that know what they are doing and they are investing what they can afford to lose in this market, while they still keep some cash in reserve in the case a rainy day comes and they do not have to sell their bitcoin at a bad moment, besides while some of their coins may seem to not move at all, they could still hold many more coins on other addresses and they may have cashed out some of those coins before.
